Political Edge By John Darren

Bob King: America not broke, just undertaxed

 Saturday, September 03, 2011

Bob King tells the Detroit Economic Club "America is not broke!"  Bob King is the President of the UAW, and if it weren’t for the billions of dollars in taxpayer bailouts this ass hole wouldn’t have a job or a union.

 

He goes on to say that the real problem is not a shortage of resources,
but that the country is leaving those resources in private pockets.
Higher taxes, King says, will fuel an economic boom, alleviate social misery and bring fairness to our land.  Can you believe what this guy is saying and why hasn’t someone tarred and feathered this jerk.
But relax -- he doesn't mean higher taxes on everyone, at least not yet. For now King wants more to be taken from the wealthy and corporations. It’s easy for this jerk to talk about things he has no idea about, and I mean creating a business in the privet sector.
He's particularly concerned that some corporations are using loopholes to avoid paying taxes. Maybe he should look at General Motors. And he is beside himself because the capital gains tax has not been raised. He called for European style income tax rates to finance European style social spending. Why won’t this idiot go and live in Europe.
King draws no correlation between Europe's high taxes and spending and Europe's growth -- which has been stagnant for a quarter century -- or Europe's unemployment, which is institutionalized in the 10 percent range.
Nor does he notice the European nations such as Greece, Spain, Italy, Portugal and Ireland that are teetering toward insolvency.
And you never hear guys like King acknowledge that when the capital gains tax was reduced to 15 percent, revenues from the tax came in at $84 billion higher than expected because of the growth that the cut generated. Assume that if the rate is raised, revenues won't produce nearly the windfall King predicts.
There's a good reason King is so strident about tax hikes, which most economists recognize as job killers.
His union is increasingly irrelevant in the private sector, where less than 7 percent of workers belong to unions.
That compares to 36 percent of government workers, and that's where the growth is.
So what if confiscatory taxation kills private sector jobs as long as it saves and grows jobs in the public sector, where King has a better shot at picking up members?
As a taxpayer, what you need to worry about is what happens when King's strategy drains the rich and he has to come after the middle class to keep his public sector members fully employed and benefited.  J.D.
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